SEC Chair Gary Gensler said Ether ETFs should be fully approved by September 2024. The final registration requirements for the ETFs are being handled at the staff level, and the process is working smoothly. This means that once the registration statements are approved, the new ETFs can be listed, allowing investors to easily trade funds that hold actual Ether.
Despite this significant development, the crypto market remained in a slump. While Ether experienced a brief price surge following the news, it quickly reversed, and the broader market continued to face downward pressure. This can be attributed to the Federal Reserve’s hawkish stance during its latest policy meeting, which hinted at only one rate cut in 2024. Additionally, soft economic data, including a decline in the Producer Price Index and rising jobless claims in the US, contributed to the market’s negative reaction.
Meanwhile, Curve’s CRV token plummeted 30% yesterday after loans tied to its founder, Michael Egorov, faced liquidation risk. Egorov had taken out a cumulative loan of nearly $100 million in stablecoins against $140 million in CRV collateral. The liquidation of these loans put pressure on other DeFi protocols, causing CRV prices to fall.
